Archive for July, 2016

Sales $ volume increased slightly for Incline Village single family non-lakefront home sales for first half of the year, and median sales price increased 13% from $872,500 to $983,750. The increase in sales occurred mainly in the $1M- $2M price range, with 27 sales this year as compared to just 14 for the same period last year. Sales priced under $1M and sales priced $2M- $3M remained steady for the period, yet $3M and above home sales slowed for the first half with just 1 sale over $3M in 2016 as compared to 4 sales in the first half of last year, and 14 sales over $3M for all of 2015. With 27 homes currently in escrow, we should see increased sales activity moving into the third quarter.

There are 17 homes priced over $3 Million, and it is notable that 2 listings have gone into escrow in the past two weeks, both Sierra Sotheby’s listings. If we have a strong 2nd half to 2016 as we did for luxury sales in 2015, we could see much of the inventory over $3 Million dry up. There is a larger inventory of homes priced under $3 Million, with about 120 active listings. The median number of days on market for listings have gone up from 153 to 186, with longer listing periods for the higher priced homes.

The Lakefront market jumped for condo sales, with 5 lakefront condo sales averaging just over $2 Million, with no sales recorded for the same period in 2015. There was one lakefront estate that sold, the notable “Sierra Star” for just over $25 Million with 3 lakefront homes and a 60 car underground garage with guest apartment above. There were 2 lakefront home sales for the same period in 2015. It is notable that only 5 direct lakefront homes are still on the market in Incline Village, and just 7 in Crystal Bay. There are a few HOA lakefront homes available, notably 1565 and 1580 Vivian Lane with access to a private HOA beach, pier and boat buoys.

Condo sales were steady with 98 units sold in the first half of 2015 and 2016, although there was a 16% increase in $ volume for the first half of 2016. Average sales priced increased 15% to $525,147, and days on market decreased from 229 to 153, on average.

Overall, condo sales jumped the most this spring, and while single family homes are taking longer to sell, condos are selling more quickly than in 2015. The bulk of home sales are in the $1M- $2M price range, with larger inventory in this range. There are fewer lakefront homes on the market in Incline Village, although pricing for shared HOA lakefront properties is attractive. With a strong start to the summer selling period, we look for a jump in sales through our 3rd quarter which is typically the busiest time for sales at the Lake. The weather has been beautiful with Lake levels making boat launching easier, and lots of residents and visitors alike enjoying summer at Lake Tahoe!

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